Intertainment Media (
TSX: V.INT,
Stock Forum) has been sliding along the boards as a penny stock since June 2011 when it took a two month dive after another hyped spike that took share price to $2.25. Things steadily declined with the company spending the last two years struggling below $0.10 and finally sliding to $0.02 by the beginning of March. That all changed today when investors went on a buying spree that more than doubled share price.
According to the
news release, Intertainment announced that its subsidiary Ortsbo, now branded as TranzActive had finally been granted a patent by the United States Patent and Trademark Office for “Translation System and Method for Multiple Instant Message Networks.”
The news triggered a massive trading run with 18.5 million shares changing hands, driving up share price 233% by the end of trading. Should be good news, but Stockhouse Bullboarders were mixed in their response to the patent approval. The angst that was expressed wasn’t centered around the patent, but about the company, especially its CEO, David Lucatch.
Intertainment Media has been living in a cloud of infamy since it rocketed to $2.25 in 2011 on what some believed to be near-fraudulent hype. The accusations only grew as the stock plummeted almost as fast, wallowing in its sub-10-cent state until today’s announcement. Needless to say, Bullboarders were on fire hurling assertions, accusations and insults as the stock climbed considerably by percentage, but minimally by worth.
Some of those launching into the fray accused the company and its CEO
of unethical acts involving misleading forward looking statements that were a hair’s breadth away from lies. Others
felt that the company was on the way to finally proving its worth and had been granted its patent in a timely manner. Then there were people
decrying the whole event as a tempest in a tea pot and undeserving of this acrimony and attention.
One thing is for sure, temperatures are high and won’t reach resolution until that deciding moment when the company is able to take this patent and make it valuable through growing TranzActive’s business model and Yappn’s market presence. With Google, Facebook and Microsoft already rushing to meet the needs of online translation services to both desktop and mobile users alike, Intertainment Media has a long row to hoe.
Intertainment Media was in the news recently when the Toronto-based company released Q2 results at the beginning of March.
Shares rose to 233.33% by the end of trading to $0.05 per share.
Currently there are 372.5m outstanding shares with a market cap of $18.6 million.